Guyana oil exports top US$15 billion in first half of 2026
Key Points(5)
- Guyana earned more than US$15 billion from crude oil exports during the first half of 2026, as rising production and stronger oil prices fueled another sharp expansion of the country's petroleum sector.
- According to Guyana's 2026 Mid-Year Report, total export earnings climbed 76.4% to US$16.2 billion during the first six months of the year, driven largely by an 82.1% surge in crude oil earnings to US$15.05 billion.
- Oil export volumes increased 40% compared with the same period last year, while crude oil prices rose 28.9%.
- Guyana produced 163.3 million barrels of crude oil between January and June, up from 115.7 million barrels during the corresponding period in 2025.
- Average daily production increased from about 639,000 barrels to approximately 902,000 barrels.
Guyana earned more than US$15 billion from crude oil exports during the first half of 2026, as rising production and stronger oil prices fueled another sharp expansion of the country's petroleum sector.
According to Guyana's 2026 Mid-Year Report, total export earnings climbed 76.4% to US$16.2 billion during the first six months of the year, driven largely by an 82.1% surge in crude oil earnings to US$15.05 billion.
Oil export volumes increased 40% compared with the same period last year, while crude oil prices rose 28.9%.
Guyana produced 163.3 million barrels of crude oil between January and June, up from 115.7 million barrels during the corresponding period in 2025. Average daily production increased from about 639,000 barrels to approximately 902,000 barrels.
The increase came as four floating production, storage and offloading vessels, or FPSOs, operated simultaneously in the Stabroek Block for the first full six-month period following the start of production from the One Guyana FPSO in August 2025.
The government is now projecting petroleum deposits of nearly US$6.5 billion for the full year, a 136.8% increase from the amount projected when the 2026 national budget was prepared.
Of the projected US$6.4976 billion in petroleum deposits, US$5.9725 billion is expected to come from the sale of Guyana's share of profit oil, while another US$508.1 million is expected from royalties.
The upward revision reflects higher crude oil prices, increased production from the One Guyana FPSO and a larger number of projected profit-oil lifts.
The government had initially projected 309 profit-oil lifts from the Stabroek Block in 2026, including 40 allocated to the government. Updated estimates now anticipate 326 total lifts, with the government expected to receive 84.
Guyana's petroleum production is expected to expand further before the end of the year. The fifth FPSO, Errea Wittu, is expected to achieve first oil during the final quarter of 2026, while production from One Guyana continues to ramp up.
Against that backdrop, the country's oil and gas sector is projected to grow by 24.2% this year.
Higher petroleum earnings are also expected to boost resources flowing through Guyana's Natural Resource Fund, or NRF. The government projects withdrawals of US$2.3743 billion from the fund during 2026 in accordance with the NRF Act.
At the end of June, the NRF held a cumulative balance of US$4.2942 billion, including US$66.9 million in interest income, after US$1.02 billion was withdrawn during the first half of the year.
The continued expansion of oil production has helped drive Guyana's broader economic growth. Real gross domestic product expanded by an estimated 33.3% during the first half of 2026, while the non-oil economy grew 10.1%, led primarily by construction, services and mining.
Overall economic growth is projected at 20.8% for 2026, with the non-oil economy expected to expand by 10.2%.
Exports outside the petroleum sector also increased during the first half of the year, rising 24.6% to US$1.146 billion. Gold exports climbed by US$269.8 million to US$826.2 million during the period.
